Evaluation on the rise of China should be connected with the potential structural transformation of world economy and power because China’s large size will directly change resource relocation of the world. In This paper, we argue that China’s rising is rooted in the structural Transformation of ‘globalization’. While mainstream theory interprets globalization as the consequence of factor-price equalization, we argue that dollar standard is the main dynamics for globalization as we have seen today. Dollar standard empowers the U.S. financial muscle by which global economic growth is established on the growth of the US market. The dollar crisis during the first half of the 1980s induced the structural adjustment of Latin America on the one hand; it also pushed regional industrial division of labor of East Asia on the other. This structural transformation channels huge export-oriented capital into China and critically contributes to China’s significant development since then. We argue, nevertheless, that China’s rising has to rely on further industrial upgrade de and domestic market more than that of the U.S. To achieve this long-term goal, China must carry out deeper social and political reform in order to transform savings into consumption.